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Home Q & A Board Other Fields Homework Help Business Accounting
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Augustus1 Augustus1
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7 years ago
Margaret, a single taxpayer, operates a small pottery business in her spare time. During the current year, she reported the following income and expenses from this activity which is classified as a hobby:

Revenue from sale of pottery   $ 4,000
Depreciation on potter's wheel   ( 3,000)
Property taxes on shed where she does work   ( 1,100)
Supplies used such as clay, etc.   ( 6,500)

In addition, she had salary of $75,000 and itemized deductions, not including those listed above, of $2,200.

What is the amount of her taxable income?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
Your explanation helped, amazing amazing!
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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